Small Island Developing States have been discussing the concept of loss and Damage in an Insurance context since the creation of the UNFCCC. The 2023 Climate Conference COP27 put loss and damage on the political agenda, and experts are debating the role of insurance in climate financing. While some argue that insurance falls short in addressing loss and damage, others suggest that an integrated approach that combines both private and public solutions could provide a sustainable and affordable solution. It is crucial to ensure that insurance mechanisms do not exclude vulnerable groups, and international cooperation may be necessary to make insurance affordable for these groups.

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